Life sciences firm ValiRx Plc (LON:VAL) has raised £1.16mln (gross) by placing shares.
The shares were placed at 2.5p each.
Certain directors of the company intend to subscribe for £30,000 of new ordinary shares on the same terms as the placing.
Funds from the share issue will be used predominantly for the clinical development of the company's non-small cell lung cancer candidate VAL401, and for the dose expansion trial that is testing the safety and tolerability of the VAL201 for prostate cancer and other solid tumours.
ValiRx said the money would also support the opening of additional trial centres to aid recruitment and completion of the clinical trials for VAL401 and VAL201.
Shares closed at 4.30p last night.